DBS completes ANZ’s wealth, retail business migration in Singapore
(7 August 2017 – Asia) DBS Bank announced that it has successfully completed the migration of ANZ’s wealth management and retail banking business in Singapore.
According to the Singaporean bank, its team has been working closely with ANZ to ensure a smooth and seamless transition since the October announcement last year.
The bank had earlier announced that it would acquire the wealth management and retail banking business of ANZ in five markets in Singapore, Hong Kong, China, Taiwan and Indonesia.
The migration in Singapore was successfully conducted over the weekend of August 5-6 and was the second market of the transaction in which ANZ’s portfolio of businesses was transferred over to DBS.
The first market to complete the migration was China on July 17. The transaction is progressing well and remains on track for full completion in all remaining markets by early 2018.
Tan Su Shan, Group Head of Consumer Banking & Wealth Management of DBS, said, “Over the past few months, we have been working towards a smooth and seamless transition, and I’m delighted that our businesses in two markets are being successfully integrated. This migration will further cement our leadership position in Singapore. It also gives ANZ’s wealth customers access to more tailored solutions and a full suite of universal banking products supported by Asian insights, research and investment advice. I would like to welcome our new colleagues and customers to our DBS family.”
Shan added that the bank expects full migration to be completed across all markets by “early 2018”, as per original guidelines.
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